Since 1994, most of the IUC Universities have purchased their group property and casualty insurance on a group basis. The IUC-Insurance Consortium formalized their pooling in 2006 and created the Board of Governors. The Board of Governors is comprised of representatives from each University and is the decision making body for insurance issues of the group programs. There are 3 committees that report to the Board of Governors: Underwriting, Loss Control and Audit. Underwriting and Loss Control have representation from each University. In 2009, a Director was hired to coordinate the activities of the IUC-IC and act as a facilitator to other IUC committees and university departments to address insurance and risk related issues.
Board of Governors
Each Member University acts through its respective representative on the Board of Governors. That representative is appointed and serves the Board as a Governor as provided in the Pooling Agreement and Article II of the By-Laws. The powers granted to the Organization by the Pooling Agreement or otherwise shall be vested in and exercised by the Governors. Each University has one vote on the Board of Governors.
The Underwriting Committee will have the responsibility of reviewing and making recommendations as to the status of the Organization’s insurance programs, structure, including the amount of deductibles, premium allocations, and selection of the Organization Broker(s). The Underwriting Committee members will serve as their Universities’ Risk Management Person and will make decisions on Risk Management Programs benefiting the Organization in concert with the Loss Control Committee. The Underwriting Committee will be made up of at least one representative from each Member.
Loss Control Committee
The Loss Control Committee will have the responsibility for preparing loss control analysis and implementation programs, in cooperation with the Organization Broker(s) to assure effective total loss control programs at the Member institutions. The Loss Control Committee will be made up of at least one representative from each member.